My endless Quest again Northern Rock

[emanevs]

does anyone have any links to multiple loan agreements and mortgages.

 

I was thinking Heath v Southern Pacific Mortgage Ltd [2009] EWHC 103 (Ch) (29 January 2009)

[dx100uk]

http://www.google.co.uk/cse?cx=partner-pub-8889411648654839:6449422593&ie=UTF-8&q=multiple+loan+agreements+&sa=Search+CAG#gsc.tab=0&gsc.q=multiple%20loan%20agreements&gsc.page=1

[emanevs]

Hi,

 

Does anyone know what is the legal effect of having an unsecured, unregulated mortgage contract?

 

Does it mean NRAM are in trouble with the FCA?, and is it any good to me being unsecured and unregulated?

[caro]

Unregulated suggests this is a second charge loan in a property and perfectly legal. How is it a mortgage if unsecured, or has the property been sold?

 

Incidentally I'm sure I've seen you post on another thread about this haven't i? Helps to keep info together so people don't have to keep asking the same questions.

[emanevs]

thanks for the post.

 

The other post is something different which is why I didnt post there. I am not trying to be awkward, just trying to have posts that are relevant to the topic.

 

Returning to the post above:

still have the property, there is no 'first' legal mortgage for the loan, and there is no regulated mortgage contract

 

"Mortgage" thus:

The Financial Services and Markets Act2000 (Regulated Activities) Order 2001" Part II, Chapter XV TheActivities, Article 61 (4) (a).

Therefore, we have an unsecured, unregulated mortgage contract do we?

[emanevs]

and as a result...I was thinking of:

 

"The Unfair Terms in Consumer Contracts Regulations 1999"

[emanevs]

:violin:Throw in Bankruptcy, and its all gone!

[caro]

thanks for the post.

 

The other post is something different which is why I didnt post there. I am not trying to be awkward, just trying to have posts that are relevant to the topic.

 

Returning to the post above:

still have the property, there is no 'first' legal mortgage for the loan, and there is no regulated mortgage contract

 

"Mortgage" thus:

The Financial Services and Markets Act2000 (Regulated Activities) Order 2001" Part II, Chapter XV TheActivities, Article 61 (4) (a).

Therefore, we have an unsecured, unregulated mortgage contract do we?

 

Can you post a link and copy the specific part you're referring to please.

[caro]

and as a result...I was thinking of:

 

"The Unfair Terms in Consumer Contracts Regulations 1999"

 

Again, can you be more specific please.

[emanevs]

ok, will do.

 

http://www.legislation.gov.uk/uksi/2001/544/article/61/made

 

and

 

http://www.legislation.gov.uk/uksi/1999/2083/regulation/5/made

[caro]

Ok, so can we go back a stage. I'm trying to get my head round this.

 

 

Definition:-

mortgage

noun: mortgage; plural noun: mortgages

 

• 1.
  a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
   
   
  So can you please clarify why you call it a mortgage if it's unsecured?
  

Has there been another mortgage on it previously?

[emanevs]

NRAM plc call it a mortgage, but it is not. It cannot be in law, when it is unsecured, unregulated, and unregistered as a Charge.

That would be "implausible".

 

The definition of a 'regulated mortgage contract' is defined under the FCA(Perg).

 

The definition of a 'first legal mortgage' is defined under FinancialServices and Markets Act 2000 (Regulated Activities) Order 2001" Part II,Chapter XV The Activities, Article 61 (4) (a).

 

The definition of a charge is defined as meaning 'a mortgage, charge or lienfor securing money or money's worth' (Land Registration Act 2002, s132).

[caro]

So why have nram called it a mortgage?

 

Was there ever a mortgage on the property?

 

Was it under or over £25k?

 

Did you borrow money off nram?

[emanevs]

I have no idea why NRAM called it a mortgage. It is not, in law.

 

I dont understand the relevance of the other questions? Was there ever a mortgage, was it over 25k, did you borrow are immaterial.

 

the fact remains there is NO mortgage.

 

I dont understand your point. You seem to be suggesting that a 'mortgage' can be a mortage without following the statutory legislation??

 

That is obviously wrong, is it not?

 

I also find it "implausible" that 9.2 million people in the UK would just repay a mortgage without checking if it is in fact a 'mortgage' following statutory legislation.

[bhall]

I have no idea why NRAM called it a mortgage. It is not, in law.

 

I dont understand the relevance of the other questions? Was there ever a mortgage, was it over 25k, did you borrow are immaterial.

 

the fact remains there is NO mortgage.

 

I dont understand your point. You seem to be suggesting that a 'mortgage' can be a mortage without following the statutory legislation??

 

That is obviously wrong, is it not?

 

I also find it "implausible" that 9.2 million people in the UK would just repay a mortgage without checking if it is in fact a 'mortgage' following statutory legislation.

 

I think the point is that you have asked a question and to enable someone to answer it, Caro has asked you both rational and sensible questions.

 

If you want an answer to a question, I am sorry you will have to provide further information.

[bhall]

Showing a little more courtesy to the people that post in response to your numerous posts about nram, would not go a miss either. You might get more people responding to you

[caro]

There is nothing legally wrong with an unregulated mortgage which second mortgages are, and which are generally for secured loans over £25k. It is quite possible that there had been a first mortgage which was subsequently paid off. Hence my questions trying to establish the facts so that a proper answer to your query can be provided, rather than glibly giving an ill-informed response.

[emanevs]

There is nothing legally wrong with an unregulated mortgage which second mortgages are, and which are generally for secured loans over £25k. It is quite possible that there had been a first mortgage which was subsequently paid off. Hence my questions trying to establish the facts so that a proper answer to your query can be provided, rather than glibly giving an ill-informed response.

 

 

There really is a complete misunderstanding of what I am saying.

 

You are all incorrect on the term 'mortgage'. A mortgage has to be secured against the property.

 

If I am wrong, then please put me straight on the matter.

Edited March 24, 2015 by honeybee13
Nasty comments removed.

[emanevs]

Please close this post - I dont want to fall out over this.

 

I just hope the 9.2million people heck their mortgages, and the legallity of them!!

 

:lol:

Edited March 24, 2015 by honeybee13
Pejorative comments removed.

[honeybee13]

Thread closed as requested.

 

HB

[caro]

We all understand that a mortgage is secured against a property and are trying to establish why yours apparently isn't.

 

If you want people to just agree with what you think then that's up to you and this fat ar5e won't waste their time responding, but if you want to establish facts and legal arguments then please feel free to post without insulting other caggers.

 

Thanks HB.